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Lenza, Michele; Pill, Huw; Reichlin, Lucrezia - 2010

This paper describes the response of three central banks to the 2007-09 financial crisis: the European Central Bank, the Federal Reserve and the Bank of England. In particular, the paper discusses the design, implementation and impact of so-called "non-standard" monetary policy measures focusing...

Persistent link: https://www.econbiz.de/10011605299

Unconventional monetary policy and the great recession - Estimating the impact of a compression in the yield spread at the zero lower bound

Baumeister, Christiane; Benati, Luca - 2010

We explore the macroeconomic impact of a compression in the long-term bond yield spread within the context of the Great Recession of 2007-2009 via a Bayesian time-varying parameter structural VAR. We identify a ‘pure’ spread shock which, leaving the short-term rate unchanged by construction,...

Persistent link: https://www.econbiz.de/10011605304

Dancing together at arm’s length? – The interaction of central banks with governments in the G7

Bodea, Cristina; Huemer, Stefan - 2010

Central bank independence is a common feature in advanced economies. Delegation of monetary policy to an independent central bank with a clear mandate for price stability has proven to be successful in keeping a check on inflation and providing a trusted currency. However, it is also a fact that...

Persistent link: https://www.econbiz.de/10011606272

Finland and Its Northern Peers in the Great Recession

Suni, Paavo; Vihriälä, Vesa - 2016

The report focuses on the relative macroeconomic performance since the global financial crisis of six Northern European countries with a special emphasis on Finland. While fiscal and monetary policies have definitely impacted on macroeconomic outcomes in the six countries examined, as a whole...

Persistent link: https://www.econbiz.de/10012037669

Warum die Volkswirtschaften der Eurozone den USA und Großbritannien seit der Finanzkrise hinterherhinken: Zur Rolle von Unterschieden in der Geld- und Fiskalpolitik

Heimberger, Philipp - 2016

Wirtschaftsräume wird in zwei Dimensionen analysiert; zum einen anhand eines Überblicks zur Geldpolitik der EZB nach dem Ausbruch der … Wachstum und Beschäftigung, was die Eurozonenwirtschaft im Zusammenspiel mit der über weite Strecken zögerlichen Geldpolitik … prozyklische, krisenverstärkende Fiskalpolitik befördert. Die EZB ist mit ihrer seit Anfang 2015 betriebenen Geldpolitik des …

Persistent link: https://www.econbiz.de/10012100198

Reflections on Monetarism: Britain's Vain Search for a Successful Economic Strategy

Congdon, Tim - 1992

The last 20 years have seen severe macroeconomic instability in Britain, with three extreme and highly damaging boom-bust cycles. Professor Tim Congdon, one of the City's most well-known commentators, has been an influential critic of successive governments' failures in economic policy...

Persistent link: https://www.econbiz.de/10011902404

Keynes, the Keynesians and Monetarism

Congdon, Tim - 2007

Keynes, the Keynesians and Monetarism is a major contribution to the continuing debate on macroeconomic policy-making. Tim Congdon has been a strong supporter of monetarist economic principles for over 30 years. His writings - in the newspapers and for parliamentary committees, as well as in...

Persistent link: https://www.econbiz.de/10011902405

Bank of England interest rate announcements and the foreign exchange market

Melvin, Michael; Saborowski, Christian; Sager, Michael; … - 2009

Since 1997, the Bank of England Monetary Policy Committee (MPC) has met monthly to set the UK policy interest rate. We examine evidence of systematic patterns in exchange rate movements on MPC days over the first decade of operation of the MPC. Daily data reveal significant differences in...

Persistent link: https://www.econbiz.de/10010264608

What do reaction functions tell us about central bank preferences?

Elstner, Steffen; Tabaković, Tamer - 2008

Since Taylor's 1993 paper researchers have devoted a lot effort to estimation of monetary policy rules. Taylor showed that a simple central bank reaction function, with the interest rate as monetary policy instrument and inflation and output gap as explanatory variables, mimics the Fed funds...

Persistent link: https://www.econbiz.de/10010276831

British banking strategy and the international challenge

Channon, Derek F.; Channon, Derek French - 1977

Persistent link: https://www.econbiz.de/10000001110